Chicago 401k's - Trusted Financial Guidance in Chicago
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401k Rollovers
When people change jobs or retire, they must decide what to do with the assets that they have accumulated in their 401k retirement savings plan. This decision is critically important because it can affect their ability to achieve the type of lifestyle they expect in retirement.
Here are the options you have:
|
Options |
Pros |
Cons |
|
Leave the money in 401k plan of company you’re leaving |
Money continues to grow tax deferred |
Less you will know about company and how it’s managing their retirement plan |
|
Liquidate |
Immediate access to savings |
No longer tax deferred therefore subject to tax payments Possible early withdrawal penalty |
|
Rollover 401(k) to new plan |
Money grows tax deferred |
Subject to distribution rules of plan Limited investment choices Little or no investment advice |
|
Rollover to IRA |
Money grows tax deferred Investment flexibility Flexible beneficiary designations and distribution options |
Outstanding loans on a plan must be repaid
|
Wayne Messmer & Associates can help by:
- Discussing your current situation and goals.
- Reviewing all the pros and cons of all your options including Roth IRA rollovers.
- Making recommendations assessing your goals and your options to fit your “financial roadmap.”
If you would like to discuss your options further, please call 888-265-7443.